S.I. No. 177/1972 - Value-Added Tax Regulations, 1972

• (c) he shall keep any buyer's statement issued to him in accordance with paragraph (4) and an exact copy of any seller's statement issued by him in accordance with subparagraph (b) of this paragraph and shall also keep full and true records written up to date showing in relation to each delivery of livestock made to or by him—

• (i) the date of each transaction,

• (ii) the name and address of the person who delivered the livestock to him or to whom the livestock were delivered by him,

• (iii) the type of animal and the number of animals of each type delivered to or by him, and

• (iv) the total consideration (inclusive of commission and tax) for animals of each type delivered to or by him.

• (4) The seller's statement referred to in paragraph (3) (b) need not be furnished by the person making a delivery of livestock if the person to whom the livestock are delivered gives to him a buyer's statement containing particulars corresponding to those specified for a seller's statement in the said paragraph (3) (b).

• (5) An auctioneer (including a livestock mart) shall, for the purposes of this Regulation, be treated as a dealer in livestock in relation to livestock sold by him by auction.

• (6) If a person who has elected in accordance with paragraph (1) for the application to him of the special arrangements set out in paragraph (2) fails to fulfil to the satisfaction of the Revenue Commissioners all the conditions specified in paragraph (3) they may, by notice in writing served on the person, cancel his election, and as on and from the date of the notice the election shall cease to have effect and the special arrangements set out in paragraph (2) shall cease to apply to him.

• (7) The provisions of section 16 (3) of the Act shall apply to buyer's statements, copies of seller's statements and other records which a person is required to keep in accordance with paragraph (3) (c) as if he were an accountable person.

20 Valuation of interests in immovable goods.

20.

20. (1) Where—

• (a) it is necessary to value an interest in immovable goods for the purposes of section 10 (8) of the Act,

• (b) the disposal of such interest consists of or includes the creation of an interest,

• (c) a rent is payable in respect of the interest so created, and

• (d) the terms under which the interest is created do not provide for an increase in the rent to take effect earlier than the end of the fifth year after the interest was created,

the value of such rent to be included in the consideration for the purpose of ascertaining the open market price of the interest disposed of shall, in the absence of other evidence of the amount of that price, be—

• (i) three-quarters of the annual amount of the rent multiplied by the number of complete years for which the rent has been created, or

• (ii) the annual amount of the rent multiplied by the fraction of which the numerator is 100 and the denominator is the rate of interest (before deduction of income tax, if any) on the security of the Government which was issued last before the date of the creation of the rent (allowance having been made in calculating the interest for any profit or loss which will occur on the redemption of the security),

whichever is the lower.

• (2) Where a person having an interest in immovable goods (in this paragraph referred to as the disponor) disposes as regards the whole or any part of those goods of an interest which derives from that interest in such circumstances that he retains the reversion on the interest disposed of (in this paragraph referred to as the reversionary interest), the following provisions shall apply :

• (a) the value of the reversionary interest shall be ascertained by deducting the value of the interest disposed of from the value of the full interest which the disponor had in the goods or the part thereof disposed of at the time the disposition was made, and

• (b) if, under the terms of the disposition, the reversionary interest could not, except through the default of the person in whose favour the disposition was made or a person deriving his title through him, revert to the disponor within a period of 20 years from the date of the disposition—

• (i) the disponor shall be deemed to have disposed of his full interest in the goods or the part thereof disposed of, and

• (ii) the value of the reversionary interest shall be disregarded.

21 Procedures regarding dances.

21.

21. (1) Every person who intends to promote a dance (other than a dance to which the number of persons to be admitted is limited to one hundred and the consideration for admission to which does not exceed twenty new pence), or a series of such dances, shall, not later than fourteen days before the date on which the dance, or the first dance of the series, as the case may be, is to be held, send to the Collector-General a notification in writing containing the following particulars :

• (a) the name and address of the person,

• (b) the address of the premises in which the dance or dances is or are to be held,

• (c) the name and address of the proprietor of the premises mentioned in subparagraph (b),

• (d) as respects the dance or each of the series of dances, the date and time of the dance or of each dance within the series of dances and the proposed admission charge, and

• (e) where the person promoting the dance or dances is a body of persons other than a body corporate, the name and address of the individual who will be responsible for payment of the tax.

• (2) On receipt of a notification in accordance with paragraph (1), the Collector-General shall forthwith acknowledge it and shall at the same time send a notice in writing to the proprietor of the premises mentioned in the notification, specifying the dance or dances so mentioned and stating that notification in respect thereof has been received in accordance with this Regulation.

• (3) If any alteration is made or occurs as respects any of the particulars contained in a notification sent to the Collector-General under paragraph (1), the person responsible for sending the notification under that paragraph shall immediately notify the Collector-General in writing of the alteration.

22 Relief for stock-in-trade held on 1st November, 1972.

22.

22. A claim for a deduction under section 34 (1) of the Act in respect of stock-in-trade held at the commencement of the 1st day of November, 1972, shall be supported by a statement of all stock-in-trade held at that time setting out details of the stock-in-trade so held under the following headings—

• (a) stocks which have borne turnover tax and wholesale tax on purchase or importation other than second-hand goods, newspapers and periodicals and goods of a kind specified in the Fourth Schedule to the Act,

• (b) stocks which have borne wholesale tax only on purchase, other than second-hand goods, newspapers and priodicals and goods of a kind specified in the said Fourth Schedule,

• (c) (i) goods which suffered turnover tax only on purchase,

• (ii) second-hand goods which were purchased from persons accountable for turnover tax and on which turnover tax was borne on purchase,

• (iii) goods of a kind specified in the said Fourth Schedule,

• (iv) newspapers and periodicals which suffered turnover tax on purchase, and

• (d) stocks which do not qualify for relief.

23 Disclosure of information to the Revenue Commissioners.

23.

23. Any person engaged in the delivery of goods or the rendering of services in the course of business shall, when required to do so by notice in writing served on him by the Revenue Commissioners, disclose to the Revenue Commissioners such particulars of any goods delivered to him or any services rendered to him as may be required by such notice.

24 Death or incapacity of accountable person.

24.

24. If an accountable person dies, becomes bankrupt, or, being a body corporate, goes into liquidation, anything which he would have been liable to do under the Act or these regulations shall be done by his personal representative, assignee, trustee, committee or liquidator, as the case may be.

25 Service of notices.

25.

25. Any notice, notification or requirement which is authorised or required to be given, served, made, sent or issued under the Act or under these regulations may be sent by post.

26 Nomination of Officers.

26.

26. The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by the Act to be performed or discharged by the Revenue Commssioners.

GIVEN this 4th day of August, 1972.

J. F. RICHARDSON,

Revenue Commissioner.

EXPLANATORY NOTE.

These Regulations which come into force on the 31st August, 1972, concern the operation of Value-added Tax. They prescribe procedures in relation to the following matters :

• (a) election for accountability, the waiver of exemption and the treatment of two or more accountable persons as a single accountable person,

• (b) registration and cancellation of registration,

• (c) accounting on basis of moneys received,

• (d) accounts to be kept, including the adjustments to be made in certain circumstances and the issue of invoices, credit notes and debit notes, and the time limits for issuing certain documents,

• (e) returns to be made, payment of tax, the acceptance of estimates, the apportionment of amounts and the estimation of tax due,

• (f) refunds and remissions of tax,

• (g) the treatment of dealers in livestock as unregistered farmers,

• (h) the charge of tax in regard to dances,

• (i) the valuation of interests in immovable goods,

• (j) relief for stock-in-trade held on November 1, 1972,

• (k) disclosure of information to the Revenue Commissioners,

• (l) the death or incapacity of an accountable person,

• (m) service of notices,

• (n) nomination by the Revenue Commissioners of officers to act on their behalf.